CP Daily: Thursday May 5, 2016

Published 01:08 on May 6, 2016  /  Last updated at 01:10 on May 6, 2016  /  Newsletter  /  No Comments

A daily summary of our news plus bite-sized updates from around the world.

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Australia buys 50.5m offsets at A$10.23 each in third ERF auction

Australia’s Clean Energy Regulator bought 50.47 million tonnes of CO2e reductions at an average cost of A$10.23 ($7.66) each in last week’s Emissions Reductions Fund (ERF) auction, which was heavily dominated by vegetation projects, it said Thursday.

EU Market: EUAs climb to €6.50 on higher energy, German paper

EU carbon prices rose as much as 6.9% on Thursday as oil prices led the energy complex higher and as Germany’s draft paper on minimum EUA price raised the prospects for political intervention.

NGOs see post-Paris surge in companies taking on GHG goals

Dozens of large corporations have taken on voluntary 2C-aligned emission cut targets since the Paris Agreement, though the list is very light on big-emitting heavy industrial firms.

Chinese banks face $1.26 trillion carbon risk -report

The natural capital cost of carbon emissions associated with Chinese commercial banks’ outstanding credit to 35 sectors of the economy in 2014 totalled $1.26 trillion, according to a report by environmental consultancy Trucost.

BITE-SIZED UPDATES FROM AROUND THE WORLD

Baseline-and-credit – Australia’s Environment Minister Greg Hunt this week dropped a new hint that the country may be moving towards a baseline-and-crediting scheme. Speaking at the Carbon Market Institute conference in Melbourne, Hunt said the Safeguard Mechanism is “a baseline-and-credit structure, with the flexibility to be tightened over coming years,” and that the Coalition government would examine a new path for the mechanism during next year’s climate policy review. He also said the review would look at establishing a strategic reserve of international units under the ERF. (Footprint, $)

Dubai sets record for cheapest solar – Developers bid as little as 2.99 cents/KWh to develop 800 MW of solar-power projects for the Dubai Electricity & Water Authority, the utility for the Persian Gulf emirate. This undercuts coal generators, is 15% lower than the previous record set in Mexico last month, and is down 50% on prices a year earlier, according to Bloomberg New Energy Finance, which doubted the price was sustainable and was more about “prestige”.

Push for electric cars – New Zealand on Thursday launched a programme aimed at doubling the number of electric vehicles on the road by 2021. The move would pave the way for significant GHG cuts in the transport sector, said Transport Minister Simon Bridges. If successful, that would likely reduce NZU demand over time, as the transport fuel is among the sectors covered in the NZ ETS.

And finally… Make science great again! – With Donald Trump as the presumptive GP nominee, his comments on climate change have indicated that the topic won’t be high up (or even on) his list of priorities should he become president.  However, a report released by the Yale Project on Climate Change Communication showed 56% of Trump supporters think climate change is real. That’s below Clinton/Sanders supporters, but well above those backing Ted Cruz (38%). “Nearly every registered voter who is not a fan of Ted Cruz, regardless of political affiliation, said that they were more likely to vote for a presidential candidate who strongly supports taking action to reduce global warming,” reported Grist.

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